US Q4 GDP growth revised down to 2.6% due to weak consumer spending.

The US economy grew at a 2.6% annual pace in Q4 2022, down from the previous estimate of 2.7%, with consumer spending revised sharply down. The report suggests that the economy was losing momentum at the end of 2022, and most economists predict a sharp slowdown in the current quarter due to rising interest rates. The economy is expected to slide into a recession later this year, with the financial conditions that led to the collapse of two major banks also expected to slow the economy.